- Two men, aged 40 and 73, charged for involvement in a $181 million GST Missing Trader Fraud in Singapore.
- They allegedly set up four shell companies to conduct fraudulent business between November 2017 and April 2018.
- The men are accused of creating sham transactions to claim GST from IRAS.
- Both face four counts of fraudulent trading under the Companies Act.
- The 40-year-old man allegedly submitted fraudulent GST refund claims and forged a supplier’s invoice.
- He faces additional charges of attempted cheating, forgery, and cheating under the Penal Code.
- Possible punishments include imprisonment and fines for each charge.
- Authorities emphasize strict enforcement against tax offences.
- Businesses are advised to perform due diligence to avoid involvement in Missing Trader Fraud.
Source: iras.gov.sg
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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